President Obama will be in Las Vegas Tuesday to headline a fundraising event for Harry Reid.

(CNN) – President Obama is set for a night out in Las Vegas Tuesday, but his latest foray to the city of lights is entirely business related.

The president is slated to headline a fundraising event at Caesar's Palace for Senate Majority Leader Harry Reid, the Nevada Democrat whose approval ratings back home have sunk below 40 percent as his re-election campaign gears up.

The star-studded event, set to raise at least $1 million for Reid's campaign coffers, will take place in Caesar's Coliseum - the 4,000 seat auditorium where singer Bette Midler regularly performs.

A Reid spokesman tells CNN that Midler is among the entertainers on hand for the evening, as well as Vegas performer Clint Holmes, comedienne Rita Rudner, and singers Sheryl Crow and Rachel Yamagata.

The fundraiser, during which Reid and Obama will speak, couldn't come at a better time for the Senate's top Democrat, who is considered among the most vulnerable in the chamber despite the fact Republicans are still scrambling to find a serious opponent to challenge him.

Despite the lack of official opposition, a Mason-Dixon survey released earlier this month suggests only about a third of Nevada's voters would vote to re-elect Reid to a fifth Senate term, while 45 percent said they would definitely vote for another candidate.

Meanwhile, conservative political action committee Our Country Deserves Better is already gunning to capitalize on Reid's sagging poll numbers, launching what they call a "a television, radio, and Internet advertising blitz throughout the state of Nevada reminding voters that Harry Reid has stiffed taxpayers with huge government bailouts and wasteful pork-barrel spending."

The conservative PAC said it would spend over $100,000 in its initial ad campaign, and pledged to dish out over $1 million between now and the November 2010 midterm elections.

"Republicans were successful in defeating Sen. Reid's predecessor, Tom Daschle, in 2004," said CNN Political Editor Mark Preston. "They have now focusing their efforts on trying to defeat another Democratic leader in the next election."

Obama plans to remain in Nevada Wednesday for a visit to Nellis Air Force Base for a tour of the facility's solar electric plant, the largest in North America. The president then heads to Beverly Hills for a pair of fundraisers sponsored by the Democratic National Committee.